Namibia: Tax provisions in 2017/2018 budget

Namibia: Tax provisions in 2017/2018 budget

The Namibian budget speech was presented 8 March 2017, and no new taxes or tax rate increases were proposed.

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New tax policy and tax administration reforms announced in the budget include:

  • Tax proposals for curbing base-eroding tax exemptions and deductions on income tax and value added tax (VAT) aimed at examining provisions of the tax code and the effective tax rate of companies when exemptions and deductions are considered
  • A tax proposal for “simplified presumptive tax” on small units
  • Increases in the rates of the fuel levy
  • Capital gains treatment to be expanded to provide for wealth-based taxation on certain categories of capital assets
  • A new integrated tax system to be rollout in phases during the year with full deployment by 2018
  • Cheques as a form of payment of taxes to be phased out by 30 June 2017 
  • An increase in “sin taxes” on malted beer, fortified, unfortified and sparkling wines, ciders and alcoholic fruit beverages, spirits, tobacco, cigars and cigarettes to be effective as from 22 February 2017

 

Read a March 2017 report prepared by the KPMG member firm in Namibia

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